InvestorQ : Is it true that the advance tax collections have picked up this year compared to the last year?
prachi Patwardhan made post

Is it true that the advance tax collections have picked up this year compared to the last year?

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sara Kunju answered.
2 weeks ago
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For the near-six month period from April 2022 to mid-September 2022, it must be said that the advance tax collections have sharply risen by 17% to Rs2.95 trillion on a comparable yoy basis. There are several reasons for this spike in the advance tax collections. One reason has been the revival of economic activity in the post COVID situation which has led to a lot of revenge consumption. Secondly, the government has focused on keeping its general policies stable as well as tried to streamline many of its processes.

According to the tax authorities, the tax department has also undertaken selective targeting of evasion through the intelligent use of technology that has helped in plugging tax collection leakages. Out of the total collections of Rs2.95 trillion, Rs2.29 trillion came from corporates, Rs0.66 trillion came from individuals. This year refund turnaround has been very fast and that has led to improved advanced tax payments. The CBDT has already issued tax refunds for FY22 worth Rs1.35 trillion till date, which is twice as much as last year.

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